The battle for F&N looks set to continue into the New Year

The battle for F&N looks set to continue into the New Year

ThaiBev-controlled TCC Assets has extended its offer deadline for Fraser & Neave for a third time. 

The British Virgin Islands-registered TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said today (11 December) that the closing date for its mandatory conditonal cash offer has been extended to 2 January. The previous deadline for the SGD8.88-per-share offer, totalling SGD9bn (US$7.36bn), was today

Prior to that, an extension had been granted to its first offer in September.

Sirivadhanabhakdi, who holds a 35% stake in conglomerate F&N, is facing a battle with Singapore-based property group Overseas Union Enterprise (OUE) for F&N. Last month, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.

If the OUE bid is successful, Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn. 

Heineken, meanwhile, has escaped the impact of the latest bidding war after last month completing its acquisition of F&N's stake in Tiger brewer Asia Pacific Breweries